"Sierra Nevada does a lot of work with satellites, but they've never built a vehicle," Simberg said. "Some people might have been nervous about them doing it themselves, and so partnering with a prime contractor that has more experience with these things should give them more comfort."

And that will help the company net more funding going forward, Simberg said.

"The takeaway is that they've bolstered their credibility with those handing out the money," he said.